Leading Crypto Exchange Huobi has released a regulated over-the-counter (OTC) trading desk for the institutional investors, as per the blog post on May 15.
The latest OTC crypto trading platform, Huobi OTC Desk is fully handled by the Gibraltar Financial Services Commission (FSC) and enable most of the crypto-to-fiat and fiat-to-crypto trading pairs.
As compared to the current Huobi's OTC retail products, the new OTC trading desk follows a principal OTC trading process under Huobi Technology, Huobi's regulated trading OTC trading pair in Gibraltar. However, the currently available OTC offering on the otc.hbg.com allows peer-to-peer (P2P) trading under Huobi Global, the firm stated.
Jeff Adams, who is the Senior Sales Manager for Huobi Global described at the launch event that the Huobi OTC Desk was built due to demand from investors for large volume transactions, ensuring that the firm has seen an unfulfilled need for these types of services.
As per the announcement, Huobi OTC Desk supports various cryptocurrencies like Bitcoin (BTC) and Tether(ETH) and some of the fiat currencies along with United States dollar (USD), euro (EUR), and British pound sterling (GBP).
The recent release of the Huobi's regulated OTC Desk occurred just after the company's acquisition of a Distributed Ledger Technology (DLT) license from Gibraltar FSC at the end of 2018. With this acquisition, the firm was able to attract a wide number of institutional investors.
In the beginning of 2019, the firm declared that its P2P OTC desk has become one the most traded OTC platform around the globe. The Desk allows OTC transactions in various cryptocurrencies such as Bitcoin (BTC), Ether, eos (EOS) leading stablecoin Tether (USDT) and Ripple (XRP) which has been listed just before 2 months.
Apart from this, Huobi Cloud has become one of the leading Blockchain Cloud Service Provider around the globe. The platform has managed to enter 100+ partnerships in the last six months.
In the last one year, OTC trading platform has gained a lot of popularity, with Binance saying that its OTC trading platform has gained a lot of profits for the exchange in Q1 of 2019.